As we reach the midpoint of 2024, the auto industry presents a mixed bag of winners and losers. While some models and brands have seen significant growth, others have struggled to maintain their footing. Here’s a breakdown of the most notable trends and performances in the second quarter of 2024.
Winners
1. Electric SUVs
Electric SUVs have gained substantial traction. Notable performers include:
Nissan Ariya: Sales surged by 123% to 5203 units in Q2, contributing to an 80% increase year-to-date.
Ford Mustang Mach-E: Sales increased nearly 47%.
Hyundai Ioniq 5: Sales jumped by 51%.
Cadillac Lyriq: Sales soared to 7294 units, a significant leap.
Toyota bZ4X and Subaru Solterra: Both saw substantial increases.
Newcomers: The Kia EV9 and Chevy Blazer EV also began to appear in meaningful numbers.
2. Mid-Size GM Trucks
Redesigned models from GM saw impressive growth:
Chevrolet Colorado: Sales rose by 35% to 26,901 units.
GMC Canyon: Sales increased by 69% to 11,351 units.
3. Ford Mustang
The iconic American muscle car saw a resurgence:
Q2 Sales: Increased by 28% to 13,737 units.
Year-to-Date Increase: 8%.
4. Mazda CX-50
Mazda’s newer SUV is rapidly gaining ground:
Sales: Increased by 64% to 35,197 units.
June Performance: Sales surged by 121% compared to the previous year.
5. Small Cars
Affordable and compact models continue to be popular:
Chevy Trax: 52,875 units sold in Q2.
Toyota Corolla Cross: Sales rose by 55%.
Other Small SUVs: Hyundai Kona, Nissan Kicks, Mazda CX-30, and Subaru Crosstrek saw growth.
Small Cars: Nissan Versa and Sentra, Honda Civic, Mazda 3, and Kia Forte experienced significant sales increases. The Mitsubishi Mirage also saw a large jump.
Losers
1. Gas GM SUVs
GM’s internal combustion engine SUVs struggled:
Cadillac Crossovers: Sales dropped by more than 10%.
Buick Enclave and Envision: Sales fell by 36%.
Chevrolet SUVs: Traverse dropped by 35%, Blazer and Suburban both down 29%.
Exceptions: Chevy Trax, Buick Envista, and GMC Terrain saw growth.
2. Stellantis
The automaker faced widespread declines:
Jeep: Sales dropped by 19%, with only the Wagoneer and Grand Wagoneer seeing growth.
Ram: Down 26%.
Chrysler: Sales slid by 19%.
Dodge: Overall sales fell by 17%.
Italian Brands: Slight uptick, but insignificant overall totals (Fiat sold 316 units, Alfa Romeo 2492 units).
3. Toyota Highlander
Sales of the Highlander decreased, but with context:
Q2 Sales: 8910 units, down 51%.
Reason: Introduction of the Grand Highlander, which sold 6542 units in Q2 and has a higher starting price by $4K.
4. Subaru WRX
The sports sedan saw a significant decline:
June Sales: Down 43%.
Year-to-Date: 9295 units sold, a 40% decrease from 15,373 in the first half of the previous year.
Conclusion
The second quarter of 2024 highlighted significant shifts within the auto industry, with electric SUVs and certain mid-size trucks showing strong performance. Conversely, traditional gas-powered SUVs from GM and models from Stellantis faced notable declines. These trends reflect the evolving preferences of consumers and the growing influence of electric and more economical vehicles in the market.
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